Australia and Peru have finalised a comprehensive trade agreement that will generate exports, income and jobs.

Australia has secured the best services commitments Peru has given any country, in the fastest free trade agreement Australia has ever concluded.

Peru-Australia Free Trade Agreement (PAFTA) grants Australia market access at levels much greater than the proposed Trans-Pacific Partnership.

PAFTA will eliminate 99 per cent of tariffs that Australian exporters face into Peru.

Peru will now recognise Australian degrees, helping Australian universities attract more students.

Australian farmers, effectively shut out of the market until now, will have the opportunity to compete on a level playing field with Australian sheep meat, most wine and most horticulture products including almonds, kangaroo meat and wheat receiving immediate duty free access.

Sugar, dairy, rice and sorghum farmers will also enjoy historic market access opportunities.

For more information read the Minister for Trade, Tourism and Investment’s media release.